Company Registration No. 03837202 (England and Wales)
OILS WELL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
OILS WELL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3
OILS WELL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,321
6,559
Current assets
Stocks
28,433
22,000
Debtors
41,933
34,754
Cash at bank and in hand
5,492
13,762
75,858
70,516
Creditors: amounts falling due within one year
(78,139)
(62,742)
Net current (liabilities)/assets
(2,281)
7,774
Total assets less current liabilities
3,040
14,333
Creditors: amounts falling due after more than one year
1
(3,360)
Provisions for liabilities
(756)
(756)
2,285
10,217
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
2,283
10,215
Shareholders' funds
2,285
10,217
OILS WELL LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 11 December 2015
Mr M Hirst
Director
Company Registration No. 03837202
OILS WELL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% Reducing Balance
Computer equipment
33% Reducing Balance
Fixtures, fittings & equipment
15% Reducing Balance
Motor vehicles
25% Reducing Balance
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014 & at 31 March 2015
30,765
Depreciation
At 1 April 2014
24,206
Charge for the year
1,238
At 31 March 2015
25,444
Net book value
At 31 March 2015
5,321
At 31 March 2014
6,559
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary Shares of £1 each
2
2